SAN DIEGO, Feb. 11, 2014 (GLOBE NEWSWIRE) -- Lithera, Inc. ("Lithera" or "the Company"), a clinical stage pharmaceutical company focused on lifestyle and medical indications in aesthetic medicine and ophthalmology, today announced that it has completed the final closing of its Series C preferred stock equity financing, securing an additional $8.0 million in equity capital and bringing the total capital raised in this round to $35.6 million. This tranche included existing investors Alta Partners and Domain Associates, new investor AKS Capital, LLC, as well as additional undisclosed investors.
Lithera expects to use the proceeds for general corporate and working capital purposes, primarily to support clinical, regulatory, and manufacturing efforts to advance the Company's lead product candidate, LIPO-202 (Salmeterol Xinafoate for Injection), a novel, physician-administered, injectable pharmaceutical product designed to produce localized non-ablative reduction of subcutaneous abdominal fat.
"Securing this final tranche of the Series C financing from new and existing investors demonstrates continued confidence in LIPO-202," said George Mahaffey, President and CEO of Lithera. "LIPO-202 has the potential to be the first and only injectable drug treatment for the targeted, non-ablative reduction of subcutaneous abdominal fat. This funding will help build on the robust clinical profile established to date for LIPO-202."
Lithera is a clinical stage company developing pharmaceutical products addressing both lifestyle and medical indications in aesthetic medicine and ophthalmology. Using FDA-registered drugs approved for use in other indications, Lithera's products target and stimulate natural fat tissue metabolism to achieve non-ablative, non-surgical fat tissue reduction in specific locations. Our lead product candidate, LIPO-202 (Salmeterol Xinafoate for Injection), is a novel injectable pharmaceutical product designed to produce local, selective, non-ablative fat tissue reduction (pharmaceutical lipoplasty). LIPO-202 is currently under development for the reduction of central abdominal bulging in non-obese patients (BMI less than 30 kg/m2). LIPO-102 (Salmeterol Xinafoate and Fluticasone Propionate for Injection) is currently under development for the treatment of symptomatic exophthalmos (protrusion of the eye from the orbit) associated with thyroid-related eye disease (also known as Graves' Orbitopathy). Founded in 2007, the Company has assembled an exceptional team of senior executives, employees and advisors and has been financed by top-tier venture capital firms. For more information on Lithera, Inc., please visit www.lithera.com.
Lithera, LIPO-102, LIPO-202 and the Lithera logo are trademarks or registered trademarks of Lithera, Inc. Other names and brands may be claimed as the property of others.